Having to pay for overpriced Toyota Prius insurance in Colorado Springs can overdraw your funds and require stricter spending habits.
Remarkably, a study showed that most auto insurance policyholders in Colorado kept buying from the same company for more than four years, and roughly 40% of drivers have never even compared quotes to find cheap rates. With the average premium in the U.S. being $1,847, drivers can save 46.5% each year by just comparing rate quotes, but they don't know the big savings they would realize if they swap their current policy for a cheaper one. Due to the fact that there are so many options for buying lower-cost insurance for a Toyota Prius in Colorado Springs, it is hard for the average consumer to pick the right insurance company.
Smart consumers take time to take a look at other company's rates before your policy renews since rates change frequently. Even if you got the best rate on Toyota Prius insurance in Colorado Springs a few years ago there is a good chance you can find better prices now. Block out anything you think you know about auto insurance because I'm going to let you in on the secrets to the only way to eliminate unnecessary coverages and save money on Toyota Prius insurance in Colorado Springs.
Finding affordable insurance coverage in Colorado Springs seems hard but is not really that difficult. If you have insurance now, you will surely be able to get lower rates using the ideas you're about to read. Smart buyers only need to know the tricks to compare rate quotes on the web.
Best Toyota Prius insurance price quotes in Colorado
The companies in the list below have been selected to offer free quotes in Colorado Springs, CO. If multiple companies are listed, we suggest you visit several of them to get a more complete price comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Above prices assume married male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Colorado minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, claim-free, and multi-policy. Estimates do not factor in specific location which can alter rates noticeably.
Can higher deductibles save money?
The diagram below demonstrates how deductible levels and can impact Toyota Prius yearly insurance costs for different categories of driver ages. The rates are based on a married male driver, full physical damage coverage, and no discounts are applied.
Difference between liability only and full coverage rates
The information below shows the difference between Toyota Prius auto insurance rates with full coverage and liability only. The information is based on no accidents, no driving violations, $500 deductibles, single female driver, and no additional discounts are factored in.
Guidelines for eliminating full coverage
There is no exact formula that works best for making the decision to drop full coverage on your policy, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than about 10% of the vehicle's replacement cost less your deductible, then it might be time to buy liability only.
For example, let's say your Toyota Prius replacement value is $3,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $2,000 after you pay the deductible. If it's costing in excess of $200 a year for full coverage, then you may need to consider dropping full coverage.
There are some cases where eliminating full coverage is not a good idea. If you still have a lienholder on your title, you are required to maintain full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should keep full coverage.
Verify you're earning every discount
Car insurance is not cheap, but you may be missing some discounts to reduce the price significantly. Most are applied when you quote, but a few must be specially asked for before being credited. If you check and find you aren't receiving every discount available, it's possible you qualify for a lower rate.
- Good Student - This discount may save as much as 25% on a Colorado Springs car insurance quote. You can use this discount normally well after school through age 25.
- Good Driver Discount - Safe drivers can pay as much as 50% less than their less cautious counterparts.
- No Accidents - Good drivers with no accidents can save substantially as compared to accident-prone drivers.
- Accident Forgiveness Coverage - This one is not really a discount per se, but companies like Liberty Mutual and GEICO allow you one accident without getting socked with a rate hike with the catch being you have to be claim-free prior to the accident.
- ABS Braking Discount - Vehicles that have steering control and anti-lock brakes can avoid accidents and will save you 10% or more on Prius insurance in Colorado Springs.
- Payment Discounts - By paying your policy upfront rather than spreading payments over time you can avoid monthly service charges.
- Renewal Discounts - Some companies give discounts for switching companies prior to your current Prius insurance policy expiring. This discount can save up to 10%.
- Fewer Miles Equal More Savings - Low annual miles could qualify for better car insurance rates on cars that stay parked.
- Sign Online - A few larger online companies give back up to $50 get Colorado Springs car insurance digitally online.
One last thing about discounts, most discount credits are not given to the entire cost. A few only apply to the cost of specific coverages such as collision or personal injury protection. So even though they make it sound like having all the discounts means you get insurance for free, insurance companies wouldn't stay in business.
If you would like to see a list of providers that offer the discounts shown above in Colorado Springs, click here to view.
Learn How to Buy Insurance More Affordably
Smart consumers have a good feel for some of the factors that are used to determine the level of your policy premiums. If you understand what influences your rates, this enables informed choices that may reward you with cheaper rates.
The items below are some of the most rate-impacting factors used by insurance companies to determine your premiums.
- Is your vehicle built for speed? - The performance level of the car or truck you need to insure makes a substantial difference in your rates. The cheapest rates will normally be found when insuring lower cost passenger cars, but the cost you end up paying is determined by many additional factors. Since the Toyota Prius is a compact car, rates will be the same to a little lower compared to average rates in Colorado Springs.
- Mature drivers are lower risk - Drivers with little experience have been known to be careless and easily distracted when driving with friends so insurance rates are higher. Older, more experienced drivers are viewed as being more responsible, tend to file fewer claims, and get fewer tickets.
- Is your vehicle theft-ready? - Selecting a car model with an alarm system can help bring down rates. Advanced theft deterrents such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems can thwart auto theft.
- More people means more accidents - Having an address in a small town can be a good thing if you are looking for the lowest rates. Urban drivers regularly have more aggressive driving styles and more severe claims. Fewer drivers and short commutes means reduced accidents.
- Battle of the sexes - The statistics show that women are safer drivers than men. That doesn't necessarily mean that females are better drivers. Men and women are responsible for fender benders at a similar rate, but guys have costlier accidents. Men also statistically get ticketed for serious violations like DWI (DUI) or reckless driving.
- Toyota Prius insurance loss data - Companies factor in historical loss data to help set a rate to offset losses. Models that historically have a trend towards higher claims will have a higher premium rate.
The data below shows the compiled insurance loss statistics for Toyota Prius vehicles. For each type of coverage, the statistical loss for all vehicles, as a total average, is set at 100. Numbers under 100 indicate a favorable loss history, while values that are above 100 show a trend for more claims or larger claims.
Toyota Prius Insurance Loss Statistics
Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Toyota Prius C Hybrid 113 100 87 120 121 113 Toyota Prius Hybrid 101 97 98 103 118 103 Toyota Prius Plug-in Hybrid 98 89 87 106 114 93 Toyota Prius V Hybrid 94 86 88 88 94 97
Statistics from IIHS.org for 2013-2015 Model Years
How to know if you need help
When selecting the right insurance coverage for your personal vehicles, there is no "perfect" insurance plan. Everyone's situation is unique and your auto insurance should be unique as well. Here are some questions about coverages that might help in determining if your situation will benefit from professional help.
- What if I owe more than I can insure my car for?
- Can I get a multi-policy discount?
- Is borrowed equipment or tools covered if stolen or damaged?
- Is my Toyota Prius covered for smoke damage?
- Why does it cost so much to insure a teen driver in Colorado Springs?
- Can I still get insurance after a DUI?
If you can't answer these questions but a few of them apply, then you may want to think about talking to an insurance agent. To find an agent in your area, take a second and complete this form or go to this page to view a list of companies. It's fast, doesn't cost anything and can provide invaluable advice.
Do I need a local insurance agent?
Some people still prefer to sit down and talk to an agent and that is recommended in a lot of cases Experienced insurance agents are very good at helping people manage risk and help in the event of a claim. An additional benefit of getting online price quotes is the fact that drivers can get better rates and still have an agent to talk to.
After completing this short form, the quote information is submitted to insurance agents in Colorado Springs that can give you free Colorado Springs car insurance quotes for your business. You don't have to contact any agents as quotes are delivered to you instantly. If you want to compare rates from a specific insurance company, feel free to jump over to their website and submit a quote form there.
Choosing the best insurer is decision based upon more than just the quoted price. Agents should be asked these questions:
- Is the agent CPCU or CIC certified?
- Do the companies they represent have a solid financial rating?
- What insurance companies do they work with in Colorado Springs?
- Are you getting all the discounts the company offers?
- How often do they review coverages?
- If independent agents, which companies do they recommend?
If you want a reputable insurance agent or broker, you should know the different types of agents that differ in how they can insure your vehicles. Insurance agencies can be categorized as either exclusive or independent. Both can properly insure your vehicles, but it's important to know the differences since it can impact which agent you choose.
Agents that choose to be exclusive can only provide one company's prices like AAA, Allstate, and State Farm. They are unable to give you multiple price quotes so keep that in mind. Exclusive insurance agents are very knowledgeable on their company's products which helps them sell insurance even at higher premiums.
Listed below are exclusive agents in Colorado Springs who can help you get price quote information.
American Family Insurance - Dave Karstens Agency Inc.
3225 Templeton Gap Rd Ste 104 - Colorado Springs, CO 80907 - (719) 636-3336 - View Map
Independent Insurance Agents
Independent agents do not sell for just one brand so they have the ability to put coverage with any number of different companies and potentially find a lower price. To transfer your coverage to a different company, your policy is moved internally and the insured can keep the same agent.
If you are comparing rate quotes, you absolutely need to get insurance quotes from at a minimum one independent agency in order to have the best price comparison.
Listed below are independent insurance agents in Colorado Springs that can give you price quote information.
Is there truth in advertising?
Consumers can't avoid all the ads that claim the cheapest prices from the likes of 21st Century, Allstate and State Farm. They all say the same thing about saving some big amount if you just switch your coverage.
How do they all cost less than your current company? It's all in how they say it.
Most companies have a certain "appetite" for the type of insured that makes them money. An example of this type of risk profile could possibly be over age 30, has other policies, and drives less than 10,000 miles a year. Any driver who fits those characteristics will get low premium rates and will save when they switch companies.
Consumers who may not quite match these criteria may receive a more expensive rate which usually ends up with the customer buying from a different company. The ads say "drivers who switch" not "everyone that quotes" save that much when switching. That's why insurance companies can make those statements. This really illustrates why you really should compare quotes as often as possible. Because you never know which company will have better rates than you're paying now.
Persistence is the key to affordable rates
When trying to cut insurance costs, it's a bad idea to sacrifice coverage to reduce premiums. There have been many situations where someone dropped liability limits or collision coverage only to find out that the few dollars in savings costed them thousands. The goal is to buy enough coverage at the best cost and still be able to protect your assets.
Discount Toyota Prius insurance in Colorado Springs can be sourced both online and with local Colorado Springs insurance agents, so you need to quote Colorado Springs car insurance with both to have the best chance of lowering rates. Some insurance providers do not provide internet price quotes and these small, regional companies provide coverage only through local independent agencies.
For more information, feel free to visit the resources below:
- Think You're a Safe Driver? (State Farm)
- Who Has Affordable Auto Insurance Quotes for Inexperienced Drivers in Colorado? (FAQ)
- Who Has Cheap Colorado Auto Insurance for Immigrants? (FAQ)
- Protect Yourself Against Auto Theft (Insurance Information Institute)
- Rental Car Insurance Tips (Insurance Information Institute)